value indicator - uk main market 20130319

7/29/2019 value indicator - uk main market 20130319

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19 March 2013

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Intellisys Intelligent Analysis Limited 19 March 2013

www.intellisys.uk.com +44 20 3239 8994 Page 2 of 17

Contents

Introduction .................................................................................................................................3Value ...........................................................................................................................................4Conclusion ..................................................................................................................................4RISK WARNING Ratings and Targets ....................................................................................4How to use the report .................................................................................................................5Aerospace & Defence Under Valued .....................................................................6Automobiles & Parts Under Va lued ......................................................................6Banks Over Valued .........................................................................................6Beverages Under Valued ..................................................................................6Chemicals Under Valued ..................................................................................6Construction & Building Materials Under Valued ....................................................7Electronics & Electrical Equipment Over Valued ..................................................7Engineering & Machinery Over Valued ................................................................8Food & Drug Stores Over Valued .......................................................................8Food Producers & Processors Under Valued ........................................................8General Retail Under Valued ..............................................................................9Heath Over Valued .........................................................................................9Household Goods & Textiles Over Valued ..........................................................9Information Technology & Hardware Over Valued ...............................................9Insurance Under Valued ................................................................................... 10Leisure & Hotels Over Valued ..................................................................... 10Life Assurance Over Valued .................................................................... 10Media & Entertainment Under Valued ................................................................ 11Mining Under Valued ...................................................................................... 11Oil & Gas Under Valued ................................................................................... 11Personal Care & Household Products Over Valued .......................................... 12Pharmaceuticals & Biotechnology Over Valued ................................................ 12Real Estate Under Valued ............................................................................... 12Software & Computer Services Under Valued ..................................................... 13Speciality & Other Finance Over Valued .......................................................... 13Support Services Over Valued ..................................................................... 14Telecommunication Services Over Valued ....................................................... 15Transport Under Valued ................................................................................... 15Utilities Under Valued ....................................................................................... 15DISCLAIMER ........................................................................................................................... 16RISK WARNING ...................................................................................................................... 17


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Introduction

The overriding purpose of this daily report is to provide users with a quick guide that will identify thoseshares that merit their investment attention in an increasingly time critical and information noisy tradingenvironment.

The report is published daily and delivered to the subscribers personal email box, typically, before theofficial open of the London Stock Markets.

Putting aside luck, Intellisys recognises that the timing and value of an investment are the two primarydrivers behind a successful portfolio performance.

Timing

Intellisys has invested considerably in identifying what it believes are the key factors that influenceinvestment timing. Having identified the key parameters, these have been established as rules that reflectmarket dynamics and cut through the daily investment noise.

Through this discipline, Intellisys has removed the emotional and sentimental factors as well as the dailypressures exerted upon primary stock promoters (analysts and traders) to find stories for their investmentmeetings.

From an analysis of a years data for 40 stocks within Intellisys stock coverage, the trading indicatorsappear to be, on average, about 77% accurate in identifying good trading points as well as some 74%accurate for overall trend correlation.

The following chart provides an indication the accuracy scores for each of the 40 stocks analysed.

Individual Stock Rating & Trend Accuracy Scores

Source: Intellisys

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1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40

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Best Buy/Sell Trend


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Value

A similar discipline has been applied to the process of establishing Target Indications. On a daily basis,Intellisys analyses as broad an array of historic data from not only the Consolidated Income Statement butalso the Balance Sheet and Cash Flow Statement and then utilises this data within its proprietary valuation

models.

Intellisys architect, Philip Morrish, has successfully applied these disciplines to his investment research forthe last 15+ years. Additionally, these investment valuation techniques lend themselves to accurate cross-border analysis.

The resultant Target is also discounted to a Net Present Value to make the Target as realistically valid aspossible.

Nevertheless, Intellisys recognises that Target Indication delivery is not only a function of market levels buta management teams ability to establish and maintain a value generating operating environment setagainst a constantly changing global background.

The typical investment analysts approach to determining target prices is to start with a modest range ofsome 6 8 valuation measures and remove those that are not providing the intuitive result. Intellysisapproach is the opposite we use as many valuation methodologies as possible.

Further, Intellisys recognises that some target Indications may appear strange or extreme. However,subscribers should not dismiss these outcomes but use them as starting points to challenge theirestablished or perceived valuation opinion of a stock.

In short, this disciplined approach provides an investment reality check to assist investors from falling inlove with a stock or becoming mesmerised by management cults.

Conclusion

No investment methodology is 100% successful and like all trading and investment systems active positionmonitoring is critical for maximised investment performance.

Therefore, Intellisys recommends that its products should be used in conjunction with, and not separatefrom subscribers existing investment systems as well as discussing investment options with their financialadvisers.

Philip Morrish ([email protected])

RISK WARNING Ratings and Targets

Intellisys does not make personal recommendations. The information in this publication is provided solely toenable you to make your own investment decisions. If you are unsure about dealing in shares and otherequity investments, you should contact your financial adviser as these types of investments may not besuitable for everyone. The value of stocks and shares, and the income from them, can fall as well as riseand you may not get back the full amount you originally invested. If denominated in a foreign currency,fluctuations in the exchange rate will also affect the value of stocks and shares and the income from them.Past performance is not necessarily a guide to future performance.


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How to use the report

This daily report is typically available for download as a PDF from 7am - well in advance of the marketsopen - and is based upon previous days closing prices.

We have kept the report deliberately simple for quick reading and identification of the shares most likely tobe active as can be seen from the following:

General RetailStock Price 12M Lo 12M Hi ST Rec LT Rec Target Beta

ASHLEY(LAURA) HOLDINGS 29.00 18.50 29.50 Neutral Neutral 30 0.72

BROWN (N) GROUP 266.70 222.40 282.70 Neutral Buy 298 0.52

BURBERRY GROUP 1136.00 1000.00 1586.00 Neutral Sell 739 1.30

CARPETRIGHT 675.00 375.00 728.50 Neutral Sell 268 0.97

DIXONS RETAIL 21.16 9.36 21.69 Neutral Strong Buy 38 1.56

FINDEL 6.36 2.20 6.55 Neutral Sell 4 0.94

FRENCH CONNECTN.GROUP 23.50 19.50 82.00 Neutral Strong Buy 112 1.05

HALFORDS GROUP 324.70 189.00 342.30 Neutral Buy 415 0.67

JJB SPORTS SUSP - 24/09/12 0.40 0.24 17.00 Neutral Sell -62 0.88

JD SPORTS FASHION 731.00 570.00 863.00 Neutral Strong Buy 1341 0.47

DARTY 57.25 38.00 110.60 Neutral Strong Buy 321 1.28

KINGFISHER 269.80 237.20 313.80 Neutral Buy 365 0.97

MARKS & SPENCER GROUP 377.90 302.70 389.50 Neutral Buy 448 0.74

MOSS BROTHERS GROUP 55.00 31.25 55.00 Sell Buy 61 1.04

MOTHERCARE 212.00 127.30 227.00 Neutral Sell 97 0.44

NEXT 3576.00 2540.00 3644.00 Neutral Sell 2798 0.72

TED BAKER 951.50 633.00 1017.00 Neutral Sell 542 0.56

TOPPS TILES 49.25 21.50 51.75 Neutral Sell 29 1.31

Betais a measure of a stock's volatility or risk relative to its market. The market has a betaof 1.0 and individual shares are attributed a beta according to how much they deviate from

the market. This can be summarised as:

eta 1.0 Share should move by more than market (i.e., higher risk/higher reward)

Sector

Closing price

Todays action

Longer term action basedupon implied target price

Implied target

price based upon49 valuation

Company Latest 12 month Hi/Lo forthe share price

eta measures a sharesvolatility/risk relative tomarket (see below)


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Aerospace & Defence Under Valued

Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaBAE SYSTEMS 383.90 270.90 383.90 Neutral Strong Buy 582 0.66

CHEMRING GROUP 260.60 217.00 442.00 Neutral Buy 324 0.66

COBHAM 240.30 190.10 240.30 Neutral Buy 288 0.83

MEGGITT 478.00 364.30 490.10 Neutral Sell 408 1.32

ROLLS-ROYCE HOLDINGS 1094.00 781.16 1094.00 Neutral Neutral 1106 1.07

SMITHS GROUP 1328.00 979.50 1328.00 Neutral Sell 1058 0.71

ULTRA ELECTRONICS HDG. 17 36.00 1424.00 1780.00 Neutral Sell 1556 0.51

Automobiles & Parts Under Valued

Stock Price 12M Lo 12M Hi ST Rec LT Rec Target Beta

GKN 274.80 173.60 285.00 Neutral Neutral 263 2.00

INCHCAPE 509.50 305.20 530.00 Neutral Neutral 501 1.48

LOOKERS 96.00 56.50 96.00 Neutral Buy 106 1.24

PENDRAGON 23.00 13.25 25.00 Neutral Buy 34 1.12

Banks Over Valued


BARCLAYS 305.95 150.55 327.35 Neutral Sell 63 1.93

HSBC HDG. (ORD $0.50) 720.20 503.20 740.00 Neutral Strong Buy 1248 1.17

LLOYDS BANKING GROUP 49.85 25.29 55.68 Neutral Strong Buy 76 1.87

ROYAL BANK OF SCTL.GP. 297.30 196.60 367.80 Neutral Sell 48 1.34

STANDARD CHARTERED 1726.50 1228.50 1837.50 Neutral Sell 1119 1.70

Beverages Under Valued


BARR (AG) 528.50 348.00 557.00 Neutral Neutral 575 0.55

DIAGEO 2013.00 1477.00 2018.50 Neutral Sell 1766 0.55

SABMILLER 3457.00 2348.50 3509.50 Neutral Buy 3957 0.95

Chemicals Under Valued


AZ ELECTRONIC MATS.(DI) 406.40 267.60 406.40 Neutral Strong Buy 729 #NA

CARCLO 450.00 334.25 503.00 N eu tra l Neu tral 445 0.74

CRODA INTERNATIONAL 2665.00 2050.00 2690.00 Neutral Sell 2151 1.04

ELEMENTIS 263.40 179.00 270.00 Neutral Buy 374 1.00

JOHNSON MATTHEY 2288.00 2080.27 2573.00 Neutral Strong Buy 13138 1.44

VICTREX 1712.00 1185.00 1736.00 Neutral Sell 1541 1.13

SYNTHOMER 223.00 127.40 250.80 N eu tra l Neu tral 240 1.16

ZOTEFOAMS 202.00 157.00 225.00 Neutral Strong Buy 417 0.99


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Construction & Building Materials Under Valued


ALUMASC GROUP 97.00 61.50 104.00 Neutral Strong Buy 249 0.51

BALFOUR BEATTY 271.50 237.90 320.80 Neutral Strong Buy 1050 0.79

BARRATT DEVELOPMENTS 240.00 114.00 244.90 Neutral Strong Buy 481 1.50

BELLWAY 1169.00 660.00 1175.00 Neutral Strong Buy 2061 1.11

BERKELEY GROUP HDG.(THE) 2036.00 1177 .00 2036.00 Neutral Strong Buy 3478 0.64

BOOT (HENRY) 156.00 115.50 167.50 Neutral Strong Buy 360 0.83

BOVIS HOMES GROUP 667.00 399.30 681.50 Neutral Sell 597 1.14

CARILLION 293.50 235.50 331.80 Neutral Strong Buy 870 1.10

CLARKE (T) 55.75 40.00 61.50 Neutral Strong Buy 289 0.82

COSTAIN GROUP 289.50 188.00 295.00 Neutral Strong Buy 589 0.57

CRH 1517.00 1052.00 1540.00 Neutral Sell 795 1.14

GALLIFORD TRY 961.50 579.00 965.00 Neutral Strong Buy 1838 0.99

KELLER 806.00 348.25 830.00 Neutral Strong Buy 2158 1.25

KIER GROUP 1230.00 1095.00 1408.00 Neutral Strong Buy 3599 0.94

LOW & BONAR 71.25 49.00 73.50 Neutral Strong Buy 215 1.07MARSHALLS 119.75 76.00 119.75 Neutral Strong Buy 305 1.37

MORGAN SINDALL GROUP 555.00 508.00 695.00 Neutral Strong Buy 3541 0.86

NORCROS 15.25 9.25 16.75 Neutral Strong Buy 37 1.11

PERSIMMON 966.00 532.00 966.00 Neutral Buy 1212 1.15

REDROW 182.00 107.30 195.80 Neutral Strong Buy 315 1.05

SIG 153.10 82.30 155.00 Neutral Strong Buy 494 1.74

SUPERGLASS HOLDINGS 5.13 4.13 21.50 Sell Strong Buy 47 0.89

TAYLOR WIMPEY 85.45 40.28 85.45 Neutral Buy 102 1.58

TRAVIS PERKINS 1369.00 906.50 1369.00 Neutral Strong Buy 2806 1.97

WOLSELEY 3303.00 2121.32 3328.00 Neutral Strong Buy 5483 1.43

Electronics & Electrical EquipmentOver Valued


DIALIGHT 1350.00 900.00 1364.00 Neutral Sell 783 0.78

DOMINO PRINTING SCIENCES 700.00 509.00 717.00 Neutral Buy 862 1.18

E2V TECHNOLOGIES 123.00 105.50 149.50 Neutral Strong Buy 250 1.30

INVENSYS 360.10 186.10 366.80 Neutral Neutral 347 1.42

LAIRD 230.00 177.00 249.30 Neutral Sell 87 2.12

OXFORD INSTRUMENTS 1702.00 1096.00 1 752.00 Neutral Sell 1196 1.01

RENISHAW 1867.00 1260.00 2081.00 Neutral Buy 2447 1.26

SPECTRIS 2448.00 1427.00 2470.00 Neutral Sell 2241 1.52

BIOME TECHNOLOGIES 0.08 0.08 0.22 Buy Strong Buy 0 0.84

TT ELECTRONICS 168.50 114.00 190.00 Neutral Strong Buy 403 1.59

XAAR 348.00 185.00 348.00 Neutral Sell 233 1.11


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Engineering & Machinery Over Valued


AGA RANGEMASTER GROUP 85.00 54.25 92.00 Neutral Buy 107 1.26

BODYCOTE 551.00 310.30 556.50 Neutral Neutral 534 1.61

CASTINGS 340.50 277.75 358.50 Neutral Strong Buy 734 0.99

VESUVIUS 389.40 263.19 402.10 Neutral Buy 514 2.19

FENNER 421.20 329.30 470.80 Neutral Buy 583 1.42

HALMA 526.50 373.10 531.50 Neutral Sell 413 0.75

HILL & SMITH 446.00 297.00 480.00 Neutral Sell 349 1.37

IMI 1335.00 776.00 1347.00 Neutral Neutral 1441 1.40

METALRAX GROUP 3.13 2.93 8.87 Neutral Sell 3 0.85

MORGAN CRUCIBLE 300.70 220.30 337.00 Neutral Strong Buy 572 1.82

ROTORK 3037.00 1859.00 3037.00 Sell Sell 2237 1.00

SENIOR 242.90 177.00 248.90 Neutral Neutral 233 1.65

SEVERFIELD-ROWEN 73.00 68.00 203.50 Neutral Neutral 74 0.73

SPIRAX-SARCO 2706.00 1900.00 2728.00 Neutral Sell 2399 0.84

VITEC GROUP 649.50 586.50 740.00 Neutral Neutral 629 1.39WEIR GROUP 2431.00 1397.00 2474.00 Neutral Sell 2146 1.39

Food & Drug Stores Over Valued


GREGGS 518.00 449.00 549.50 Neutral Buy 728 0.47

MORRISON(WM)SPMKTS. 271.30 248.60 305.70 Neutral Sell 207 0.39

SAINSBURY (J) 365.20 283.50 365.20 Neutral Sell 227 0.58

TESCO 382.65 297.05 385.95 Neutral Sell 295 0.69

THORNTONS 73.00 18.88 73.00 Neutral Sell 49 0.83

Food Producers & Processors Under Valued


ASSOCIATED BRIT.FOODS 1891.00 1167.00 1 902.00 Neutral Buy 2087 0.62

CRANSWICK 1012.00 732.50 1012.00 Neutral Strong Buy 2067 0.49

DAIRY CREST 425.20 290.40 438.00 Neutral Buy 488 0.92

DEVRO 355.10 278.00 380.00 Neutral Buy 517 0.31

PREMIER FOODS 81.00 54.50 180.00 Neutral Sell -180 1.25

TATE & LYLE 832.50 633.50 840.00 Neutral Strong Buy 1549 0.70

UNILEVER (UK) 2735.00 2005.00 2750.00 Neutral Neutral 2766 0.57


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General Retail Under Valued


ASHLEY(LAURA) HOLDINGS 28.50 20.50 29.50 Neutral Buy 33 0.69

BROWN (N) GROUP 417.90 222.40 417.90 Neutral Sell 363 0.53

BURBERRY GROUP 1439.00 1000.00 1586.00 Neutral Sell 984 1.27

CARPETRIGHT 656.50 585.00 728.50 Neutral Sell 283 0.94

DIXONS RETAIL 35.00 12.67 35.00 Neutral Neutral 38 1.50

FINDEL 7.70 2.76 9.30 Neutral Sell 4 1.08

FRENCH CONNECTN.GROUP 31.13 19.50 51.00 Sell Strong Buy 111 0.98

HALFORDS GROUP 319.50 189.00 356.80 Neutral Strong Buy 502 0.67

JD SPORTS FASHION 740 .50 606 .50 841 .00 Neutral Strong Buy 1527 0.52

DARTY 41.25 38.00 77.25 Neutral Strong Buy 84 1.24

KINGFISHER 287.40 254.10 313.80 Neutral Buy 393 0.92

MARKS & SPENCER GROUP 398.10 312.20 398.80 Neutral Buy 519 0.64

MOSS BROTHERS GROUP 66.50 42.00 71.00 Neutral Sell 61 1.04

MOTHERCARE 298.50 152.00 362.00 Neutral Buy 351 0.46

NEXT 4134.00 2894.00 4247.00 Neutral Sell 3731 0.66TED BAKER 1320.00 775.00 1320.00 Sell Sell 659 0.55

TOPPS TILES 61.00 32.13 68.00 Neutral Sell 51 1.48

Heath Over Valued


BIOQUELL 136.00 119.00 160.00 Neutral Sell 107 0.45

CONSORT MEDICAL 769.50 584.00 831.50 Neutral Sell 546 0.40

OPTOS 206.00 160.00 279.25 Neutral Sell 177 1.21

SMITH & NEPHEW 739.00 580.00 751.50 Neutral Sell 656 0.41

Household Goods & Textiles Over Valued


GAMES WORKSHOP 625.00 530.00 720.50 Neutral Neutral 611 0.43

HEADLAM GROUP 320.00 263.00 355.00 Neutral Sell 282 0.92

HORNBY 75.25 55.25 103.00 Neutral Buy 99 0.75

Information Technology & Hardware Over Valued


ARM HOLDINGS 920.50 469.00 971.50 Neutral Sell 592 0.74

CSR 468.40 194.60 492.80 Neutral Strong Buy 1362 1.17FILTRONIC 69.25 23.50 83.25 Neutral Sell 51 0.90

IMAGINATION TECHN OLOGIES 548 .00 383 .50 717 .00 N eu tral Neu tral 546 1.08

SPIRENT COMMUNICATIONS 153.00 139.20 174.00 Neutral Strong Buy 695 0.95

WOLFSON MICROELECTR ON ICS 186 .00 165 .75 230 .00 Neutral Sell -562 0.91


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Insurance Under Valued


ADMIRAL GROUP 1340.00 1019.00 1359.00 Neutral Sell -740 0.54

AMLIN 429.00 312.90 431.50 Neutral Sell -3116 0.46

BEAZLEY 210.30 132.50 215.40 Neutral Strong Buy 2621 0.59

CATLIN GROUP 521.50 399.00 540.00 Neutral Strong Buy 783 0.30

HISCOX 556.50 371.30 561.00 Neutral Strong Buy 2096 0.48

JARDINE LLOYD THOMPSON 864 .50 659 .00 864 .50 Neutral Strong Buy 2949 0.31

RSA INSURANCE GROUP 116.00 97.65 136.30 Neutral Strong Buy 1707 0.41

NOVAE GROUP 462.00 340.00 475.75 Neutral Strong Buy 1930 0.47

Leisure & Hotels Over Valued


CARNIVAL 2323.00 1900.00 2628.00 Neutral Strong Buy 3867 1.00

ENTERPRISE INNS 110.70 50.25 114.70 Neutral Sell 83 1.59

TUI TRAVEL 314.40 158.00 330.00 Neutral Strong Buy 784 0.99

FULLER SMITH 'A' 801.50 680.00 810.00 Neutral Sell 654 0.38

GREENE KING 719.00 474.30 719.00 Neutral Sell 619 0.90

LADBROKES 238.30 152.50 243.10 Neutral Sell 182 0.94

ICTL.HTLS.GP. 2012.00 1396.63 2022.00 Neutral Sell 1640 1.17

MILLENNIUM & CPTH.HTLS. 560.50 455.40 568.50 Neutral Neutral 614 1.38

MITCHELLS & BUTLERS 344.40 217.40 350.10 Neutral Sell 302 1.08

BWIN PARTY DIGITAL ENTM. 147.60 91.90 162.60 Neutral Sell 107 1.25

PUNCH TAVERNS 10.75 5 .61 13.12 Neutral Strong Buy 50 1.25

RANK GROUP 173.00 111.00 173.00 Neutral Strong Buy 506 1.00

RESTAURANT GROUP 448.30 269.20 449.10 Neutral Sell 319 0.74

WETHERSPOON (JD) 523.50 371.30 548.50 Neutral Buy 740 0.68

WHITBREAD 2565.00 1721.00 2692.00 Neutral Sell 1935 0.99WILLIAM HILL 407.40 243.10 443.30 Neutral Sell 278 0.86

MARSTON'S 142.00 94.40 143.00 Neutral Sell 31 1.19

Life Assurance Over Valued


AVIVA 323.30 255.30 388.40 Neutral Strong Buy 1187 1.25

CHESNARA 220.00 155.25 233.50 Neutral Strong Buy 354 0.70

LEGAL & GENERAL 172.40 106.00 173.60 Neutral Strong Buy 298 1.70

OLD MUTUAL 207.20 138.70 211.40 Neutral Sell 173 1.57

PRUDENTIAL 1115.00 660.00 1155.00 Neutral Sell 962 1.70

ST.JAMES'S PLACE 517.00 303.40 537.00 Neutral Sell 433 0.85


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Media & Entertainment Under Valued


AEGIS GROUP 239.50 153.20 239.60 Neutral Sell -528 1.28

BLOOMSBURY PBL. 106.50 102.00 146.50 Buy Strong Buy 1515 0.35

BRITISH SKY BCAST.GROUP 891.00 635.50 891.00 Neutral Strong Buy 135 0.54

CENTAUR MEDIA 46.50 28.50 60.00 Neutral Strong Buy 2942 1.01

DAILY MAIL 'A' 708.50 363.50 722.00 Neutral Strong Buy 6521 1.12

EUROMONEY INSTL.INVESTOR 910.00 672.50 951.50 Neutral Sell -63 0.98

INFORMA 514.00 340.00 525.50 Neutral Strong Buy 213 1.53

ITE GROUP 288.50 180.00 288.50 Neutral Strong Buy 1163 1.44

ITV 131.80 69.45 132.30 Neutral Strong Buy 1537 1.54

JOHNSTON PRESS 13.25 4.88 15.00 Neutral Buy 280 1.25

PEARSON 1204.00 1111.00 1294.00 Neutral Strong Buy 2305 0.63

PHOTO-ME INTL. 81.00 36.25 82.50 Neutral Strong Buy 776 0.79

PINEWOOD SHEPPERTON 274.00 260.00 377.50 Neutral Sell -528 0.16

THOMSON REUTERS 32.73 26.85 32.88 Neutral Sell 243 0.52

STV GROUP 141.00 81.50 146.88 Neutral Strong Buy 665 0.78ST.IVES 137.50 67.50 139.25 Neutral Sell -240 1.49

TRINITY MIRROR 85.50 25.50 121.25 Neutral Strong Buy 1594 1.57

UBM 714.50 511.00 788.00 Neutral Strong Buy 1179 1.31

WILMINGTON GROUP 162.00 82.00 164.00 Neutral Sell -446 0.85

WPP 1080.00 743.00 1092.00 Neutral Strong Buy 716 1.34

HIBU 0.40 0.26 4.15 Neutral Sell -11 1.06

Mining Under Valued


ANGLO AMERICAN 1873.50 1664.00 2612.50 Neutral Strong Buy 3042 1.75

ANGLO PACIFIC GROUP 257.25 221.25 340.00 Neutral Buy 290 0.99ANTOFAGASTA 1066.00 991.00 1381.00 Neutral Sell 991 1.42

BHP BILLITON 2054.00 1681.00 2236.00 Neutral Strong Buy 3627 1.45

LONMIN 317.10 240.84 599.98 Neutral Sell 43 2.04

RANDGOLD RESOURCES 5520.00 4596.00 7775.00 Neutral Sell 3051 0.34

RIO TINTO 3277.00 2715.50 3757.00 Neutral Buy 3649 1.51

COALFIELD RESOURCES 5.63 3.75 22.50 Neutral Strong Buy 174 0.89

VEDANTA RESOURCES 832.50 1418.00 Neutral Strong Buy 2591 2.21

XSTRATA 1135.50 785.80 1205.00 Neutral Sell 1075 1.87

Oil & Gas Under Valued


BG GROUP 1184.50 1000.50 1538.00 Neutral Neutral 1288 0.81

BP 448.50 391.95 491.25 Neutral Strong Buy 1629 1.05

CAIRN ENERGY 289.20 248.20 349.00 Neutral Sell -45 1.32

FORTUNE OIL 10.00 7.86 12.50 Neutral Buy 15 0.91

HUNTING 918.00 688.00 960.00 Neutral Sell 483 1.32

JKX OIL & GAS 79.75 55.00 187 .75 Sell Strong Buy 316 1.36

PREMIER OIL 395.80 321.30 429.00 Neutral Sell 307 1.44

ROYAL DUTCH SHELL B 2218.50 2039.00 2366.50 Neutral Strong Buy 12007 0.86

SOCO INTERNATIONAL 399.50 254.90 404.30 Neutral Sell 263 0.52

TULLOW OIL 1247.00 1138.00 1570.00 Neutral Sell 973 1.06

WOOD GROUP (JOHN) 872.00 651.50 875.50 Neutral Neutral 855 1.36


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Personal Care & Household Products Over Valued


MCBRIDE 143.75 102.70 146.75 Neutral Strong Buy 280 0.83

PZ CUSSONS 414.90 296.10 415.60 Neutral Sell 349 0.69

RECKITT BENCKISER GROUP 4714.00 3 300.00 4714.00 Neutral Neutral 4756 0.36

Pharmaceuticals & Biotechnology Over Valued


ARK THERAPEUTICS GP. 0.37 0.37 3.88 Buy Strong Buy 6 1.01

ASTRAZENECA 3049.50 2591.00 3168.00 Neutral Strong Buy 5643 0.48

BTG 342.20 300.30 423.00 Neutral Sell 194 0.62

DECHRA PHARMACEUTICALS 769.50 418.33 769.50 Neutral Buy 945 0.26

GLAXOSMITHKLINE 1491.00 1317.50 1507.50 Neutral Sell 775 0.49

OXFORD BIOMEDICA 1.93 1.85 5.80 Buy Buy 3 0.64

PHYTOPHARM 1.63 1.63 12.75 Buy Neutral 2 0.94

SHIRE 2015.00 1727.00 2165.00 Neutral Sell 1159 0.65

SKYEPHARMA 57.25 33.50 101.50 Neutral Sell -121 0.72

VERNALIS 23.25 21.63 27.38 Neutral Strong Buy 53 0.89

Real Estate Under Valued


BIG YELLOW GROUP 370.70 274.50 387.50 Neutral Sell -528 1.15

BRITISH LAND 549.50 467.10 585.50 Neutral Strong Buy 1515 1.03

CAPITAL & REGIONAL 33.00 22.75 34.25 Sell Strong Buy 135 0.82

CLS HOLDINGS 828.00 595.00 859.00 Neutral Strong Buy 2942 0.69

DERWENT LONDON 2185.00 1689.00 2239.00 Neutral Strong Buy 6521 1.21DEVELOPMENT SECS. 151.00 121.75 176.00 Neutral Sell -63 0.97

GRAINGER 137.90 83.10 139.40 Neutral Strong Buy 213 1.54

GREAT PORTLAND ESTATES 501.00 345.60 514.00 Sell Strong Buy 1163 1.06

HAMMERSON 502.50 404.50 525.00 Neutral Strong Buy 1537 1.16

HELICAL BAR 232.00 164.00 249.75 Neutral Buy 280 0.75

LAND SECURITIES GROUP 816.00 704.00 849.00 Neutral Strong Buy 2305 1.15

INTU PROPERTIES 330.70 305.00 366.00 Neutral Strong Buy 776 1.08

MCKAY SECURITIES 142.00 125.00 145.00 Neutral Sell -528 0.72

MUCKLOW (A & J) GROUP 357.00 311.25 390.00 Neutral Sell 243 0.42

PRIMARY HEALTH PROPS. 325.00 311.00 364.50 Neutral Strong Buy 665 0.35

QUINTAIN ESTATES & DEV. 64.75 32.50 70.00 Sell Sell -240 1.17

SAVILLS 594.50 300.80 599.00 Neutral Strong Buy 1594 0.74

SHAFTESBURY 591.50 482.20 597.50 Neutral Strong Buy 1179 1.03

SEGRO 267.30 209.40 271.00 Neutral Sell -446 1.70

ST MODWEN PROPS. 252.30 145.50 280.20 Neutral Strong Buy 716 1.55

TOWN CENTRE SECURITIES 202.00 147.00 215.00 Neutral Sell -11 1.04

UNITE GROUP 326.00 180.25 330.00 Neutral Sell 33 1.75

WARNER ESTATE 1.68 1.00 3.35 Sell Sell -1001 1.02

WORKSPACE GROUP 332.40 213.25 363.20 Neutral Sell 0 1.02


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Software & Computer Services Under Valued


ANITE 129.80 111.00 162.00 Neutral Neutral 124 0.76

AVEVA GROUP 2256.00 1469.00 2322.00 Neutral Sell 1333 1.40

COMPUTACENTER 528.00 292.40 528.00 Neutral Strong Buy 1366 1.00

KOFAX 320.00 240.00 325.75 Neutral Neutral 326 1.12

INNOVATION GROUP 24.75 18.25 25.50 Neutral Neutral 25 0.83

MICRO FOCUS INTL. 695.00 426.17 702.00 Neutral Buy 999 0.79

PHOENIX IT GROUP 155.75 135.00 231.75 Neutral Strong Buy 315 0.74

RM 73.50 70.25 89.00 Neutral Sell -95 0.52

FIDESSA GROUP 1906.00 1275.00 1970.00 Neutral Buy 2111 0.77

SAGE GROUP 343.50 247.70 352.10 Neutral Buy 422 0.72

Speciality & Other Finance Over Valued


ABERDEEN ASSET MAN. 420.30 237.30 441.90 Neutral Sell 166 1.09

BREWIN DOLPHIN 196.90 136.30 222.00 Neutral Sell 123 0.71

CAMELLIA 10480.00 9250.00 11105.00 Neutral Sell 9751 0.83

CHARLES STANLEY GROUP 365.00 247.50 371.50 Neutral Sell 170 0.97

CHARLES TAYLOR 181.50 132.00 189.75 Neutral Sell 99 0.68

CLOSE BROTHERS GROUP 1097.00 673.50 1107.00 Neutral Sell 165 0.87

F&C ASSET MANAGEMENT 107.80 64.75 110.40 Neutral Neutral 103 0.89

HELPHIRE GROUP 3.60 0.55 3.70 Sell Strong Buy 29 0.68

HENDERSON GROUP 168.00 90.55 171.00 Neutral Sell 49 1.44

ICAP 326.90 281.40 425.00 Neutral Sell 197 1.07

INTERMEDIATE CAPITAL GP. 420.50 227.30 422.00 Neutral Sell 198 1.68

INVESTEC 487.60 310.40 513.50 Neutral Sell 90 1.55

LONDON STOCK EX.GROUP 1372.00 930.00 1411.00 Neutral Strong Buy 3901 1.12MAN GROUP 100.50 63.25 144.00 Neutral Sell 93 1.32

RATHBONE BROTHERS 1491.00 1151.00 1532.00 Neutral Sell 1111 0.74

SCHRODERS 2125.00 1166.00 2160.00 Neutral Sell 1246 1.31

SCHRODERS NV 1692.00 966.00 1729.00 Neutral Strong Buy 4199 1.27


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Support Services Over Valued


ACAL 232.50 157.75 242.50 Neutral Buy 304 0.93

AGGREKO 1975.00 1557.00 2400.00 Neutral Sell 1301 1.04

AMEC 1072.00 923.00 1172.00 Neutral Neutral 1137 1.04

ASHTEAD GROUP 594.00 212.20 594.00 Sell Sell 319 1.61

BABCOCK INTL. 1090.00 743.50 1106.00 Neutral Sell 665 0.48

BRITISH POLYTHENE INDS. 495.00 317.00 508.00 Neutral Strong Buy 803 0.77

BUNZL 1309.00 990.00 1320.00 Neutral Sell 822 0.55

UK MAIL GROUP 370.00 214.00 380.00 Neutral Buy 444 0.38

CAPITA 893.50 602.00 904.50 Neutral Sell 523 0.50

COMMUNISIS 52.00 25.34 53.50 Neutral Buy 67 0.78

COMPASS GROUP 838.50 616.00 846.00 Neutral Sell 605 0.74

BERENDSEN 752.00 462.00 762.50 Neutral Buy 984 1.04

DE LA RUE 932.00 885.50 1075.00 Neutral Sell 595 #NA

DIGNITY 1405.00 803.50 1435.00 Neutral Sell 813 0.21

DIPLOMA 602.50 407.00 627.50 Neutral Sell 488 0.95ELECTROCOMP. 257.00 195.20 265.00 Neutral Buy 321 1.03

FILTRONA 662.50 428.00 664.50 Neutral Sell 357 1.10

G4S 298.20 240.00 307.50 Neutral Neutral 291 0.58

HAYS 97.95 66.40 100.00 Neutral Buy 121 1.10

HOMESERVE 227.70 137.50 255.70 Neutral Strong Buy 490 0.93

INTERSERVE 488.40 270.10 501.00 Neutral Buy 691 1.27

INTERTEK GROUP 3394.00 2406.00 3440.00 Neutral Sell 1454 0.78

JOHNSON SERVICE GROUP 43.50 26.50 44.63 Neutral Strong Buy 94 1.17

MANAGEMENT CNSL.GP. 31.25 21.25 39.50 Neutral Strong Buy 55 0.71

MENZIES (JOHN) 780.00 542.00 789.00 Neutral Strong Buy 1306 1.43

MICHAEL PAGE INTL. 443.00 341.40 497.00 Neutral Sell 321 1.41

MITIE GROUP 283.60 253.90 300.80 Neutral Buy 342 0.55

OFFICE2OFFICE 99.50 91.50 163.00 Neutral Strong Buy 239 0.35

PAYPOINT 890.00 596.50 901.00 Neutral Sell 695 0.70

PREMIER FARNELL 218.50 153.20 236.30 Neutral Buy 287 1.32

REGUS 163.30 82.65 163.30 Neutral Sell 107 1.45

RENTOKIL INITIAL 98.75 69.40 99.00 Neutral Sell 55 1.25

REXAM 523.50 394.28 526.50 Neutral Buy 637 0.91

RICARDO 415.50 304.50 416.25 Neutral Buy 471 0.85

ROBERT WALTERS 214.00 176.25 264.63 Neutral Buy 309 1.23

RPC GROUP 476.60 348.30 477.00 Neutral Buy 535 0.78

RPS GROUP 262.50 197.00 264.80 Neutral Sell 247 1.50

SERCO GROUP 627.00 509.50 633.00 Neutral Sell 579 0.59

SHANKS GROUP 81.50 75.80 101.80 Neutral Strong Buy 168 1.46

SPEEDY HIRE 45.25 22.25 46.00 Neutral Buy 52 1.25TRIBAL GROUP 137.00 70.00 137.00 Neutral Sell 51 0.55

TRIFAST 56.00 39.50 59.00 Neutral Neutral 61 0.92

VP 332.00 234.75 354.88 Neutral Strong Buy 624 0.86

WYG 71.00 42.00 75.00 Neutral Strong Buy 183 0.78


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Telecommunication Services Over Valued


BT GROUP 270.80 200.70 281.00 Neutral Buy 306 0.90

CABLE & WIRELESS COMMS. 41.56 27.28 42.63 Neutral Strong Buy 77 0.69

INMARSAT 687.50 390.80 696.00 Neutral Sell 577 0.53

KCOM GROUP 82.00 67.00 85.20 Neutral Buy 118 1.24

TELECOM PLUS 994.50 659.00 1010.00 Neutral Sell 659 0.11

VODAFONE GROUP 184.95 154.45 191.25 Neutral Sell 156 0.54

Transport Under Valued


BBA AVIATION 265.00 178.00 265.00 Neutral Sell 191 1.29

BRAEMAR SHIPPING SVS. 371.25 309.50 425.00 Neutral Buy 440 0.98

CLARKSON 1506.00 1150.00 1515.00 Neutral Sell 1431 0.81

EASYJET 1066.00 443.80 1072.00 Neutral Sell 644 0.74

FIRST GROUP 202.20 175.70 297.00 Neutral Strong Buy 531 0.90

FISHER(JAMES)& SONS 1010.00 535.00 1010.00 Sell Sell 376 0.77

GO-AHEAD GROUP 1513.00 1086.00 1513.00 Neutral Buy 1770 0.89

NATIONAL EXPRESS 215.30 164.50 252.00 Neutral Buy 239 1.33

NORTHGATE 301.75 159.60 350.00 Neutral Strong Buy 585 1.40

STAGECOACH GROUP 309.20 230.40 319.60 Neutral Buy 348 0.89

WINCANTON 54.50 31.00 80.25 Sell Sell -41 0.90

Utilities Under Valued


CENTRICA 350.00 306.30 361.40 Neutral Buy 475 0.46

NATIONAL GRID 735.00 626.00 744.00 Neutral Buy 813 0.49

PENNON GROUP 632.50 598.00 796.00 Neutral Buy 758 0.58

SSE 1459.00 1294.00 1470.00 Neutral Buy 1713 0.42

SEVERN TRENT 1645.00 1507.00 1796.00 Neutral Sell 1464 0.34

UNITED UTILITIES GROUP 684.00 594.00 747.50 Neutral Sell 648 0.50


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value indicator - uk main market 20130319

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